One of the biggest record labels in the world will offer NFTs on Polygon through the LGND Music marketplace. One more step towards the implementation of innovative Web 3 services in the music industry.
A partnership with LGND Music
This is a new announcement in favor of web 3 service for one of the music giants. Warner Music Group artists will release their songs as an NFT. The latter will be sold on the marketplace LGND Music, using the Polygon network. The record company has just announced the signing of this multi-year partnership.
Ready to experience the future of music? Build your collection, engage with your favorite artists, and discover new music. With LGND Music, you can purchase or play any music #NFTfrom any platform. Be the first to experience #LGNDMusic. Coming Jan. 2023. https://t.co/TygYOEFoN0 pic.twitter.com/yuMWJMbd37
— LGND Music (@Lgnd_Music) December 5, 2022
Launched in January, LGND Music is a marketplace that will offer songs as NFT. Thus, fans will be able to buy and listen to the songs of their favorite artists on the platform. LGND Music will also offerother digital collectibles from artists. A way to strengthen the bond between artists and fans.
LGND will be available in web version and on a mobile application. The service wants to offer an iTunes-like experience for Web3. Note that musical NFTs from other platforms will also be supported.
Be careful with fees on the iOS app since the LGND Music spokesperson confirmed that the purchase of NFT would be subject to the 30% commission charged by Apple. The latter is the subject of many reviews the last days.
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Which artists to start the experience?
At this time, Warner Music has no not given the list of artists offering the first NFTs on the platform. However, we know that the Spinnin Records label is part of the agreement. The latter is a big electronic music label which has in its ranks David Guetta, Pot or Robin Schultz.
It is also interesting to note that the electro artists, along with rappers, are the most interested in NFTs and crypto in general. Deadmau5, Steve Aoki, 3LAU and Dillon Francis are some of the biggest artists in the genre who have bought or sold NFTs. These are among the leading advocates of this technology.
Immerse the general public in the world of Web3
With regard to the custody of these assets, LGND does not wish not necessarily promote self custody way Ledger or Metamask. This method allows you to keep control of your private keys and your cryptos and NFTs. Since the crash of FTX, many experts have called for regaining control over its assets through this means.
For more mainstream platforms like LGND, self-management and cryptocurrency wallets are sometimes seen as a complicated look even useless, when it comes to promote adoption of the general public. Indeed, for the time being it is always more complicated to use a Ledger than to leave your assets on this or that platform. Nevertheless, that may soon change.
The LGND Music website announces:
LGND Music will never require you to connect a cryptocurrency wallet to explore the platform, and will keep all your assets safe in your collection.
However, more cautious and reasonable users can of course connect an external wallet to the site. Polygon Studios CEO Ryan Wyatt said in a statement that he believes Polygon’s partnership with WMG and LGND represents:
An exciting step for the music industry. The way we own and experience music is changing, fully embracing decentralized technologies and digital collectibles.
WMG has entered into a number of Web3 partnerships this year. In January, it announced that it planned to introduce gigs and metaverse events in The Sandbox. In February, it struck a pact with crypto game Splinterlands to develop arcade-like games around its artists. She also joined the marketplace NFT OpenSea to bring artists into the world of Web3.
So many incursions and partnerships that clearly show the interest of the music sector for NFT technology. Some 100% crypto projects like Audio also tries to exploit this complementarity between NFT, Web 3 and music!
To learn more about the new high-end wallet made in Ledger, find our article here.
